Bitcoin trades at $73K amid US-Iran tensions; ETF outflows top $2.5 billion in 2 weeks
Synopsis
Bitcoin and Ethereum experienced significant drops as rising US-Iran tensions and substantial crypto liquidations impacted investor sentiment. Over $700 million in crypto was liquidated in a single day, with Bitcoin falling near $73,000. US spot Bitcoin ETFs also saw considerable outflows, totaling over $2.5 billion in two weeks.
Bitcoin slipped near the $73,000 mark on Thursday as rising US-Iran tensions, along with nearly $700 million in crypto market liquidations in a single day, weighed on investor sentiment. Meanwhile, ETF outflows crossed $2.5 billion over the past two weeks. The cryptocurrency was trading at $73,005, down more than 3% in the last 24 hours.
Ethereum fell 4.44% over the past 24 hours to trade near the $1,977 mark. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano declined by up to 4.58%.
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Bitcoin continues to face a significant upward pressure as the price slashes below $74,000, the fear and greed index has further dropped to 34, and the sentiments remain in fear, said CoinDCX Research Team.
Crypto TrackerTOP COINS (₹) Tether96 (0.38%)BNB60,961 (-2.49%)XRP123 (-3.19%)Bitcoin7,008,874 (-3.32%)Ethereum189,957 (-4.48%)
As the tension between the US and Iran heats up, oil prices have begun to soar, while crypto market bleeds. In the past 24 hours, more than $700 million have been liquidated, of which $648.13 million are in longs, CoinDCX Research Team further said.
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The global crypto market capitalisation edged down 2.97% to $2.45 trillion, according to .
Vikram Subburaj, CEO, Giottus said the failure to reclaim $80,000 over multiple sessions is now becoming structurally important for the market and the more important signal is coming from institutional flows. US spot Bitcoin ETFs have now witnessed multiple consecutive sessions of outflows.
Subburaj further said that the 11 US-listed spot Bitcoin ETFs alone saw roughly $1.26 billion in outflows last week after nearly $1 billion in withdrawals during the previous week. That takes the two-week cumulative outflow figure to roughly $2.54 billion.
In the past week, Bitcoin and Ethereum were down 6.48% and 7.82% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin and Cardano corrected 8.37% whereas Tron and Hyperliquid were up 1.52% and 2.75% respectively.
The broader crypto market is witnessing a phase of heightened volatility as geopolitical uncertainty and macro-driven sentiment continue to influence investor behaviour, Avinash Shekhar, Co-Founder & CEO, Pi42 said.
Shekhar further said for investors, this phase calls for patience, diversification, and a long term investment approach rather than reacting to temporary market swings and accumulating fundamentally strong assets during periods of correction and maintaining disciplined exposure can help investors navigate volatility more effectively.
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Market perspective
WazirX Market’s Desk: Crypto markets are still moving in two different directions right now. On one side, macro-driven assets are waiting for the next big trigger. On the other side, strong utility tokens are attracting attention because people are actually using them.
Akshat Siddhant, Lead quant analyst, Mudrex: Bitcoin came under fresh selling pressure following the U.S. airstrikes on Iran, triggering nearly $1 billion in liquidations across the crypto market. Additionally, outflows from Bitcoin ETFs continued for the 8th straight day, pulling out over $2 billion from the asset. The broader sentiment also remains weak due to the lack of progress on key U.S. crypto legislation, including the Digital Asset PARITY Act and the CLARITY Act, keeping investors cautious.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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